Archive for the ‘Cryptocurrency’ Category
How to generate passive income with cryptocurrency airdrops – Cointelegraph
What are cryptocurrency airdrops?
Cryptocurrency airdrops are a marketing strategy crypto projects use to give away free coins or tokens to certain wallet addresses of active users. Airdrops allow users to expand their crypto portfolio without extra costs and earn money by holding these tokens, hoping their value will increase in the future.
Launching airdrops serves several objectives. Firstly, they help create buzz around a project or cryptocurrency. By giving away free tokens, companies can spread awareness and quickly grow their user bases. Airdrops can also boost liquidity as more users start trading the new tokens. Additionally, companies can reward loyal users and foster community building by encouraging participation and interaction with the project.
Individuals typically participate in certain activities, such as joining a projects social media account, owning a particular cryptocurrency, or engaging with the projects community. Airdrops are usually small in value below $10 and may lack liquidity. To make easy money, some users join an airdrop and sell off the coins immediately, potentially driving the price down.
Cryptocurrency airdrops are usually announced and promoted to the public to create hype and interest in the particular token or project. Most of these airdrops can be identified by joining project newsletters.
Airdrop announcements are often shared in social media airdrop communities, and they can typically be found on X, Telegram and Discord. Those interested in finding possible airdrops should also keep up with official updates on the projects website, crypto news and forum discussions.
Many platforms and websites, such as CoinMarketCap, DappRadar and AirdropAlert, can automate airdrop discovery by providing alerts. These tools can help speed up the process and raise the chance of finding high-potential airdrops before the general public does.
Generating passive income from airdrops can be a lucrative endeavor. Following the essential steps helps ensure eligibility, secure assets and token gains.
Follow the instructions for participating in the chosen crypto airdrop and meet any eligibility criteria, such as holding a minimum amount of cryptocurrency. Verify the duration of the airdrop event and any other specific conditions, such as eligibility requirements and participation steps. The duration of the airdrop event refers to the period during which it is active, and participants can claim their tokens.
Ensure the wallet is compatible with the blockchain network on which the airdropped tokens will be distributed. For example, many airdrops require Ethereum-based wallets such as MetaMask.
A separate crypto airdrop wallet can be explicitly set for airdrops, keeping primary investments separate.
Most airdrops have requirements that must be fulfilled, such as following social media accounts, retweeting posts, creating videos or engaging in discussion in the projects forum. As such, following the rules established by each airdrop campaign is critical.
Certain airdrops require more verification procedures, including completing a Know Your Customer step. When providing personal information, use caution and confirm the projects validity.
Copy a wallet address, paste it into the airdrop registration form, and ensure it matches the required blockchain network to submit a wallet address for cryptocurrency airdrops.
Keep track of when tokens will be distributed by marking dates on the calendar. Ensure that any communication regarding token distribution comes from official sources.
Verify any contract address or instructions by checking official sources, including the project website, social media accounts and official announcements.
If a sizable number of tokens have been received, consider moving them to a more secure wallet, such as a hardware wallet, to provide additional protection against hackers.
Participants can employ various strategies beyond standard airdrop income generation to maximize income with cryptocurrency airdrops.
Create numerous wallets or accounts to participate in an airdrop multiple times. Using multiple wallets can increase the chances of receiving more tokens from airdrops. Beware that some airdrops only allow one participation per active account.
Some campaigns also offer extra airdrop tokens for referrals and social media promotion. Participants can invite friends and post their referral links on social media to get the most out of the airdrop.
Looping involves lending crypto to a protocol, borrowing against it and restaking the borrowed assets. Repeating this process increases leverage and accrues more points, maximizing airdrop points due to similar borrowing and staking yields.
Identifying protocols that serve as the foundation for new ecosystems is another strategy for making the most of crypto airdrops. These protocols often grant airdrops to stakers as new applications utilize their security features, making them prime targets for maximizing airdrop rewards.
The gains from holding and accumulating airdropped tokens can be very lucrative, especially when a newly launched coin gains a lot of popularity and its price rises in the market. As a token gains traction and trading volume, investors can accumulate high returns and increase their initial holdings.
Stake tokens in designated platforms to earn rewards and participate in yield farming to leverage assets for additional income through liquidity provision and governance participation.
Crypto airdrops are taxable in most cases, but the rules vary depending on the participants jurisdiction and the purpose of the airdrop.
In most jurisdictions, including the United States, Australia and the United Kingdom, airdropped tokens are considered ordinary income, similar to a bonus, making them subject to income tax with taxable income equal to the cryptocurrencys value at the time of the airdrop. Also, when the airdropped tokens are sold, capital gains tax may apply, which in turn may lead to double taxation.
On the contrary, some countries, such as Canada and Germany, do not treat airdrops as taxable income. Tax authorities in different jurisdictions provide guidelines stating that airdrops may not be taxable under certain conditions. Awareness of local tax laws is essential to ensure compliance and proper tax management.
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How to generate passive income with cryptocurrency airdrops - Cointelegraph
Cryptocurrency Ethereum Classic Decreases More Than 4% Within 24 hours – Benzinga
Ethereum Classic's ETC/USD price has decreased 4.82% over the past 24 hours to $24.22, continuing its downward trend over the past week of -10.0%, moving from $27.0 to its current price.
The chart below compares the price movement and volatility for Ethereum Classic over the past 24 hours (left) to its price movement over the past week (right). The gray bands are Bollinger Bands, measuring the volatility for both the daily and weekly price movements. The wider the bands are, or the larger the gray area is at any given moment, the larger the volatility.
The trading volume for the coin has fallen 12.0% over the past week which is opposite, directionally, with the overall circulating supply of the coin, which has increased 0.06%. This brings the circulating supply to 147.56 million, which makes up an estimated 70.03% of its max supply of 210.70 million. According to our data, the current market cap ranking for ETC is #29 at $3.59 billion.
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This article was generated by Benzinga's automated content engine and reviewed by an editor.
2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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Cryptocurrency Ethereum Classic Decreases More Than 4% Within 24 hours - Benzinga
‘Aggrieved’ FTX Customers Seek $8 Billion in Forfeited Assets – PYMNTS.com
A group ofFTXcustomers say $8 billion of the companys forfeited assets are rightfully theirs.
As Coindesk reported Tuesday (June 17), these customers are seeking a ruling that those forfeited assetsdo not belongto the failed cryptocurrency exchanges bankruptcy estate.
This latest legal action comes weeks after the estate unveiled a reorganization plan that would give 98% of creditors118% of their claims in cash within 60 days of court approval.
FTX has achieved this recovery level by monetizing an extraordinarily diverse collection of assets, most of which were proprietary investments held by the Alameda or FTX Ventures businesses, or litigation claims, the company said last month.
Alameda refers to Alameda Research, the FTX sister company at the center of the exchangescollapse in the fall of 2022.
However, the bankruptcy plan has upset many FTX customers, who argue they missed out on the chance to benefit from the recent crypto rally when their funds were tied up in the bankruptcy case.
Coindesk, citing court documents, says the plaintiffs argue that FTX filed for bankruptcy during the so-called crypto winter, when cryptocurrency prices saw a dramatic drop.
The victims attorneys, Adam Moskowitz and David Boies, said in the filing the bankruptcy process has left FTX customers feeling aggrieved and robbed, many of whom view the bankruptcy process as a second act of theft and that the FTX bankruptcy estate remains to be the same fraudulent corporate entity as was the enterprise run by SBF.
SBF is former FTX chief executive Sam Bankman-Fried, who was convicted and sentenced to 25 years in prison for fraud related to the exchanges collapse. He isappealing the verdict.
If not for SBFs crimes for which he was convictedi.e., the theft and misuse of customer assetsthe customers would have today owned their crypto investments, the filing said.
The filing also argues that the bankruptcy code requires prioritizing certain creditors over others, with holders of FTXs FTT token at the bottom of the list.
It is unlikely that holders of that token will receive compensation from the estate, it said.
We dont know what the damages will be because complete accounting has not been done, Moskowitz told CoinDesk, noting that it is safe to say that over $8 billion of damages are owed.
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'Aggrieved' FTX Customers Seek $8 Billion in Forfeited Assets - PYMNTS.com
‘Bitcoin Rodney,’ charged in a cryptocurrency scheme, seeks release pending trial – The Baltimore Banner
An online cryptocurrency influencer popularly known as Bitcoin Rodney on Tuesday challenged being held in jail pending trial and asked a judge to release him in high intensity supervision.
According to the pretrial services report, Rodney Burtons aunt, who resides in Maryland, is willing to serve as his custodian if the court releases Burton.
Burton was arrested at the Miami International Airport in January and charged with one count of conspiracy to operate an unlicensed money transmitting business and one count of operating an unlicensed money transmitting business.
A detention review hearing is set for July 8 in U.S. District Court in Baltimore. No trial date has been set.
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Magistrate Judge Erin Aslan in U.S. District Court in Baltimore ordered Burton detained pending trail, citing strong evidence, including witnesses, transaction records and recorded calls, along with Burton receiving $40,000 a month in income and having yachts, cars and other assets. The judge also noted that Burton was arrested with a one-way ticket to United Arab Emirates, according to court documents.
Burton said he does not own a yacht anymore as of May 2024, which the government cited as a significant asset and a way to escape to Dubai despite no longer having a passport.
According to Burton, the government selected self-serving excerpts that were taken out of context from the approximately 35-minute recorded phone call that was used as evidence to determine a serious risk he would not appear for trial and had consciousness of guilt.
In a December call with Brenda Chunga, also known as Bitcoin Beautee, Burton said he discussed a new business opportunity regarding artificial intelligence, not cryptocurrency or passive income, and his intention of moving to Dubai in January to run his new endeavor.
The government alleged that Burton booked a one-way ticket to the United Arab Emirates to evade prosecution. Burton said that in the recording it is clear that he did not know whether he was being investigated for this case or that he was going to be arrested.
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Burton argued his travel to Dubai was required since he has legitimate business opportunities there and never alluded to going there to avoid prosecution in the recorded call.
In a detention memo, the government alleged that Burton is a part of a Ponzi Scheme, but unlike Chunga who pleaded guilty to security and wire fraud, Burton is not indicted on securities fraud or wire fraud offenses.
Burton also defended his character in favor of his release.
He said he has a nonviolent prior criminal background, which occurred over 17 years ago, and he did not miss a court date in any of those cases.
Burton successfully completed substance abuse treatment in 2012 and noted the instance where he corrected a statement on his own violation that he last used cocaine ten years ago by reporting his more recent use to Maryland pretrial services.
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Additionally, Burton said the offenses he is charged with do not favor detention because they are nonviolent in nature.
The criminal case involves Burton, 54; Chunga, 43, an associate; and Sam Lee, 35, an international fugitive; who are accused of orchestrating a $1.89 billion cryptocurrency Ponzi scheme where they falsely told investors they would receive substantial returns from operations that did not exist.
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